OPINION: Twitter shareholders should sue over ‘poison pill’ plot to foil Elon Musk
Fear is the likely answer. Directors of the board know that Musk will show them the door, as he should, for the incompetent way they have managed the world’s most powerful social media platform. Even the company’s founder Jack Dorsey who still sits on the board described it this weekend with the word,"dysfunction."
Musk has stated that this material should be"open-sourced" or made available for public scrutiny. He advocates honesty and transparency in the name of fairness. Such a concept is anathema to Twitter which prefers to operate in the shadows. This would explain the company’s current panic. Known misleadingly as a"shareholder rights plan" , the board’s aim is to thwart the buyout by offering existing shareholders—sans Musk—the right to purchase additional common stock at a discounted price. That might sound appealing until you consider how flooding the market with even more shares will invariably diminish their overall value.
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